You usually do not see it until the updated file runs for the first time after updating. A lot of windows files only run maybe once a day or every few days. Some files may be several days sometimes before they run for the first time after updating, hence the delayed notice. A lot of windows files run on demand basis which means until you do something that causes them to run.

The only thing I can tell you for sure is if you are on Win 8 Pro x64, that file did not update. Windows Update varies by OS so for any other OS I am not sure. I went back and checked my logs on changed OS files and on my system it did not update this time. Go to the file and check the properties and see if it is signed by Microsoft. If it is then check it with VirusTotal. Those two things should let you know whether to let it run or not.

Users who want to analyze the process further to find out which dll-based services are executed by it should install Process Explorer for that task. The free program will display additional information about the underlying dll-based services.